In a recent paper Löffler and Schneider (2000) investigated a financial market with a tax that does not create an arbitrage opportunity. They showed that the sign of the NPV of a real investment will not change if an allowance for corporate equity (ACE) first introduced by Boadway and Bruce (1979) and Wenger (1983) exists. So far, most of the papers dealing with investment neutrality assumed a ...

An adjusted Black-Scholes pricing formula is derived in this paper. By separating risk and uncertainty through the robust control technique, we find that uncertainty as well as risk raises the management’s subjective evaluation of real options. We suggest a simple method to filter the risk of the project and to acquire a more reliable value of real options without the influence of uncertainty. ...

RESUMEN This article focuses on Bolivian and international legislations around copyright, intellectual property (IP), the protection these might ofer to legal software owners, and how they realate to software in general. It also addresses he necessary steps needed when developing software from scratch: the need of a successful idea, the opportunity window, the market, the business plan, the vis...